"Underwriting" is evaluating risk to see if the insurer wants to undertake and if so, at what price. Any carrier may decline to write symbol 1 if it represents a risk they don't want to take. There are questions on apps about whether there are any other vehicles titled in the name of the N...

When using symbol 1, not only are unscheduled owned autos covered, but also Hired/Borrowed and Non-owned autos that are being used on the business' behalf. It truly means "any auto." No ownership required - no listing on policy required.

Symbol 1 is a liability symbol.

There was an MSN article that said over 80% of CA homeowners do NOT have eq insurance, so all this seems in line

It sounds like you need to do more investigation regarding rates, premiums, average account size, etc before you start your own agency. How can you do a business plan without even having the experience to know how much premium an average personal auto generates with your carriers and in your territo...

I think that if you do not already know the answers to these elemental questions, and are turning to an online forum for information, you are not ready to open your own brokerage.

Rob, the same way you would for property.

1. How long will it take to obtain new owned equipment? (get the cash, order, and receive the equipment.)

2. How much will it cost to rent temporary replacement equipment for that amount of time?

One coverage is not "better" than the other - it just depends on what the insured wants. The 3 options should be presented and explained and let the insured decide. If the insured would want to take responsibility for all damages to customer cars while in his possession regardless of negli...

Rob, they are being charged back the a/p that was advanced to the carrier.

Payment specifics should be addressed in all agent contracts, as well as licensing, E&O, etc. so everyone knows who is responsible for what. Sounds like an inadequate contract was in place.

If you are asking about the carrier that CoverX used to quote, one place any agent should start is by looking at the carrier's AM Best Insurance Report. The full report is a wealth of info about a carrier and should be a part of your due diligence before placing business with a carrier you are not f...

Actually, there is hardly ever any coverage broader that auto physical damage - Collision plus Other Than Collision (comprehensive.) It's as close to "all risk" as you get. Look at the exclusions under auto phys damage as opposed to inland marine and I think you'll see that in most cases, ...

Scott is correct, Greg. The "occurence" is the date of the accident. Also, when incorporating, there may have already been accidents or occurrences of which the insured is currently unaware--meaning accidents may have occurred while the insured was a proprietorship. You don't always know a...

It's true that carriers and agents get tired of spinning their wheels in quoting efforts. Professionals can evaluate if there would be reason to justify a different coverage or pricing strategy from the previous year; otherwise, usually once each 3 years is sufficient. This is assuming the insured i...

I volunteer to teach you how to spell ACORD. :) Acord puts out an Acord Forms Instruction Guide that provides information for each field on each Acord form and application. It's an invaluable tool. The real hard part is obtaining and developing the information that goes into the boxes. Good luck in ...

Insurer ratings DO matter. Courts hold us responsible for placing insureds with companies that are financially stable. Rating agencies are one tool in our arsenal to help us evaluate stability. Getting through a policy year without insolvency may be okay for fire insurance, but not much good for occ...